You don’t have to pay income tax on the interest earned on this account – so it may be a good investment for you if you already earn interest above the tax-free threshold, or if you expect your savings to attract interest above this threshold at some time in the future.

You must give the GBS notice of any withdrawal at least 7 business days in advance. GBS will waive any withdrawal fee when the account has had cumulative contributions exceeding R60,000, and provided there have been less than four prior withdrawals in the current tax year.

The GBS Tax Free Savings Account pays interest monthly, and you can elect to have the interest capitalised within the account (to take advantage of future tax-free interest on these compounded returns), or you can have the interest paid out monthly to a different account.